OECD PUBLISHES A NEW FRAMEWORK TO INCREASE TRANSPARENCY ON CRYPTO-ASSET TRANSACTIONS |1300 HKT | 0600 UKT | 11 OCTOBER 2022

The Organisation for Economic Cooperation and Development (OECD) proposes to present a new framework for enabling automatic information sharing on crypto-asset between countries to G20 Finance Ministers and Central Bank Governors Meeting. The Crypto-Asset Reporting Framework (CARF), announced on 10 October, aims to increase transparency concerning crypto-asset transactions to combat tax evasion. It requires entities or individuals that provide services effectuating exchange transactions in crypto-assets for, or on behalf of customers to report under the CARF. It is believed that the framework would facilitate exchanging of information on crypto-asset transactions between the 38 member countries of the OECD.

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BINANCE REPORTS OVER $100 MILLION HAVE BEEN STOLEN BY THE HACKER |1300 HKT | 0600 UKT | 11 OCTOBER 2022

Binance, the world’s largest crypto exchange, has reportedly suffered a loss of over $100 million in consequence of the hacker’s attack on its blockchain network. The company said the transactions and fund transfers were suspended immediately after detecting such exploitation. The CEO of the crypto exchange assured users that the issue was under control and their funds were safe. A similar incident occurred in August that caused the cryptocurrency service Nomad to lose $200 million in the hack.

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COINBASE WAS GRANTED IN-PRINCIPLE APPROVAL TO PROVIDE CRYPTO SERVICES IN SINGAPORE |1300 HKT | 0600 UKT | 11 OCTOBER 2022

The Monetary Authority of Singapore (MAS) has reportedly approved the Singapore-based arm of the U.S. cryptocurrency exchange to offer crypto-related services in the country. Hassan Ahmed, CEO of Coinbase Singapore and the exchanges’ regional director for Southeast Asia, said it would seek to collaborate with the local platforms and offer Digital Payment Token services. Ahmed added that Coinbase is working with the local industry to facilitate communication with the authority and promote a pragmatic regulatory regime for digital assets. The CEO also revealed the exchanges’ plan to provide services throughout Southeast Asia.

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